« ForrigeFortsett »
acts incorporating the corporation by which the said road
§ 3. The stockholders in such newly organized corpora- May consolidate tion shall have the right to consolidate their stock and property with the stock and property of any other railroad company with whose road its line may connect or intersect, under the same restrictions, and in the same manner, and with the same rights as are provided in and by an act to enable railroad companies and plank road companies to consolidate their stock, approved February the 28th, A. D., 1854. Nothing in this act contained shall be construed either on the one hand so as to impose or on the other so as to impair or destroy any obligation or duty upon the persons purchasing or owning a part or parts of any continuous line of railroad to use and operate the part or parts so purchased or owned, in connection with the remaining part or parts of said continuous line; but such obligation and duty shall be and remain such and such only as they would have been had this act not have been passed, hereby declaring that the franchises of the Peoria and Oquawka Railroad shall not be impaired.
This act shall be in force from and after its passage.
with other companies.
In force June 10, A BILL to enable the purchasers of the west end of the Peoria and Oquaw1863.
ka Railroad, sold under mortgage, deed of trust, or otherwise to become a corporation.
cates of stock.
Election of board of directors.
SECTION 1. Be it enacted by the People of the State of
Illinois, represented in the General Assembly, That it shall Issue of certifi- be competent and lawful for the purchasers of that portion
of the Peoria and Oquawka Railroad which lies west of the Illinois river, sold, or which may hereafter be sold under any mortgage, or deed of trust, or by virtue of the decree of any proper court, for the purpose of more conveniently managing the same, to associate with themselves such persons or parties as they shall see fit and proper, and to cause to be made and issued to the persons and parties so associated, certificates of stock of the same designations and descriptions as were issued under the original charter and acts incorporating the company which owned such road theretofore: Provided, however, that the whole amount of such stock so issued shall not exceed the amount of the cost of said road and the equipment therefor, estimated at fifty thousand dollars per mile.
$ 2. There shall be called, by the purchasers of said part of said road, a meeting of the parties holding certificates of stock so issued, to be held at some place in this State, at such time as may be convenient, at which meeting all of the holders of said stock or certificates shall be represented, in person or by proxy; and the stockholders so present, in person or by proxy, shall be authorized and em. powered to elect a board of directors, to consist of the same number as was provided for in the original charter and acts incorporating the Peoria and Oquawka Railroad Company, by which the said part of said road was constructed; and thereupon the said stockholders shall become entitled to all the rights and privileges and corporate franchises granted and created by the original charter of said company, approved February 12, A. D. 1840: Provided, however, that there should be filed, within sixty days after said meeting, with the Secretary of State, under the signatures of all the stockholders in the new corporation, a certificate, setting forth the proceedings of said meeting, and the name adopted for the company so organized, which said certificate shall also be certified under the name and seal of the newly organized corporation; and upon filing such a certificate, the persons and parties so associated, and their successors, shall be a body politic and corporate, by the name stated in such certificate; and a copy of such certificate, attested by the signature of the Secretary of State or his deputy, shall, in all courts and places, be evidence of the formation and existence of the said corporation, and of the facts in said certificate stated; but the said new corporation shall not be entitled to the benefit of any other act or acts conferring
Certificate of organization.
date and borrow
power or privileges, beyond and not appertaining to the part of the road actually sold and its appurtenances.
§ 3. The stockholders in such newly organized corpora- Right to consoli. tion shall have the right to consolidate their stock and prop money. erty with the stock and property of any other railroad company with whose road its line may connect or intersect, with the same restrictions, and in the same manner, and with the same rights as are provided in and by an act entitled "An act to enable railroad companies and plankroad companies to consolidate their stock," approved February 28, A. D. 1854, and such consolidated company shall have the right to borrow money at any rate of interest on its bonds, and to mortgage the whole or any part of its road to secure the payment thereof.
§ 4. Nothing in this act contained shall be so construed Existing obligaas either on the one hand to impose, or on the other to destroy or impair any obligation or duty upon the persons purchasing or parties owning such part of said railroad to use or operate the same in connection with the remaining part of said road lying east of the Illinois river; but such obligation and duty shall be and remain such and such only, as they would have been had this act not been passed. This act shall take effect and be in force from and after its passage.
APPROVED, June 10, 1863.
tions to remain.
AN ACT to reduce into one act the several acts incorporating and relating In force February
21, 1868. to the Warsaw and Rockford Railroad, and to amend the same,
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That whereas the Warsaw and Rockford Railroad Company have, under and pursuant to the several acts incorporating and relating to the said company, partially constructed a railroad from Warsaw, in Hancock county, to Port Byron, in Rock Island county, and are desirous of completing said road, and extending the same to Galena, in the county of Jo Davies, and to reduce into one act the several acts incorporating and relating to said company and to change the name thereof; therefore, Be it enacted, as aforesaid, That the stockholders in the Warsaw and Rockford Railroad Company, the associates, successors and assigns, are hereby constituted and continued a body corporate and politic, with perpetual succession, by the name and style of the "Warsaw, Rock Island Name of consoliand Galena Railroad Company," and, as such, may sue and be sued, complain and defend, at law and in equity, in all courts and places whatsoever; may have and use a common
seal, and alter and renew the same at pleasure; and have and exercise all the powers necessary to carry into effect the purposes of this act; and shall succeed to and be vested with all the rights, franchises, property and effects of the said Warsaw and Rockford Railroad Company; and be subject to the same relations and liabilities, existing in favor of and
against said named company. Route of road. § 2. The said corporation is authorized and empowered
to locate, construct and complete a railroad, with single or double track, from the city of Warsaw to the city of Rock Island, and thence to the city of Galena—all in the State of Illinois—upon such line or route as has been or may be
designated and selected for the purpose, by the directors of Branches. said corporation, and to construct and operate a branch of
said road from Appanoose, in Hancock county, to connect with the Mississippi and Wabash railroad at Elveston, with all the powers, rights and privileges in relation thereto, as in relation to the main line of said road; and to continue the same and the use thereof, for the period herein mentioned; to prescribe the manner of using said road, and the force by which the carriages used thereon shall be propelled; to regulate the time and manner of the transportation of persons and property thereon, and the rates of toll and charges therefor. And the said corporation may connect and consolidate said railroad, or any part thereof, with any railroad now constructed or hereafter to be constructed, to any point on the line of said road, or to transfer, by lease or otherwise, their said road and franchises or any part thereof, to any other company or person, upon such terms as may be agreed upon by the directors of the companies
or other parties making such connection or transfer. Right of way and § 3. The said corporation may acquire and hold such
of real estate as may be necessary for accomplishing the ob
jects of this act; and may, by its agents, engineers and surveyors, make all proper examinations and surveys for determining the most eligible route for said railroad; and may locate any part of the same, upon the route already selected therefor, or make such change in the lines thereof, as inay be deemed expedient; and may appropriate, hold and use, for the purposes of said railroad, any and all right of way, work and materials owned by the aforesaid Warsaw and Rockford Railroad Company, or by the State, on any part of the route of their said road. Whenever any other lands or materials shall be taken and appropriated by said corporation, for the location or construction of said railroad or its appendages, and the same shall not be granted or released to said corporation, or the owners thereof do not agree with said corporation upon the amount of damages to be paid therefor, the amount of such damages shall be estimated and assessed in the manner and in accordance with the rule prescribed by the act concerning the right of way, approved March 3, 1845; and the
proceedings for the appointment and the return of the report of commissioners, and the acquiring by said corporation of the right to the lands and materials condemned, shall conform as near as may be, to the provisions of the said recited act and the amendments thereto.
$ 4. The capital stock of said corporation shall consist Amount of capiof the stock subscribed and taken in the said Warsaw and Rockford Railroad Company, and such further amounts of stock as may be subscribed and taken in this corporation, under the orders of the board of directors thereof. The whole amount of the capital stock shall not exceed five millions of dollars; and the said stock shall be deemed personal property, and be divided into shares of one hundred dollars each, and shall be transferable in such manner as the by-laws of the company shall prescribe. Payments for stock already subscribed, or which may hereafter be subscribed for, shall be made at such times, and in such proportions, and upon such conditions, as the board of directors may require, under the penalty of a forfeiture of the stock and all previous payments thereon. Notice of the time and place at which such payments are to be made, shall be given at least six weeks previous to such time, by personal service thereof upon the subscribers, or by publication in at least two public newspapers of the State, one of which shall be in the town or city where the principal office of said corporation is kept.
§ 5. The immediate government and direction of said Board of direccorporation shall be vested in a board of seven directors, which number may be increased to nine by the stockholders, at their annual meetings, from and after the first election of directors after the passage of this act, which shall be on the first Wednesday of May hereafter, or by the board of directors, at any regular meeting, who shall execute the powers herein granted, appoint all necessary subordinate officers and servants, and have the general management and supervision of the affairs and business of said corporation. The board of directors shall be chosen annually, by the stockholders, from among themselves, at such time as above stated and place, and in such manner as the by-laws of said corporation may prescribe. At all meetings of the stockholders, each of them shall have one vote, in person or by lawful proxy, for each share of stock bona fide owned by him, her or they, at the time of and for ten days previous to such meeting. The directors may fill any vacancies in Vacancies in the their board, until the next election, and a failure to elect boer directors, at any time required, shall not effect a dissolution of the corporation, but the directors for the time being shall serve until their successors are elected and take their places. The president and other directors of the Warsaw and Rockford Railroad Company shall continue to hold and exercise